1st August 2023 Africa Markets Roundup


  % ChangeYTD (%)  
NGX ASI65,056.39-1.09%25.53%
Brent Crude Oil   85.820.60%-0.10%  
Natural Gas2.62-0.68%-36.10%
I&E FX Window 775.762.41%-68.94%
Parallel Market  865.000.57%-16.89%
Nigerian Treasury Bill (Average Yield %)6.69%0.02%9.14%
FGN Bonds (Average Yield %)13.23%-0.02%11.93%
Gold  1,967.70.43%8.46%
Cocoa 3,558.000.94%36.54%
  • The benchmark NGX All-Share Index (ASI) declined 718.87 (-1.1%) points to close at 64,337.52, representing a 1-week loss of 1.43%, a 4-week gain of 3.86%, and an overall year-to-date gain of 25.53%. Key price movements include Dangote Sugar Refinery (-10%), Ecobank Transnational (-10%), Livestock Feeds (-10%) and NPF Microfinance Bank (-10%).

Corporate Results – Transnational Corporation Plc has reported H1 2023 revenue growth of 31% of N82.1 billion. Wema Bank reported 97% growth in profit after tax for H1 2023 of N10.48 billion. Meanwhile, the board of directors of Custodian Investments Plc has proposed an interim dividend of N882.28 million for the half year ended June 30, 2022, 15 kobo per unit of 50 Kobo ordinary shares for its shareholders for the 2022 financial year.

  • Oil prices were poised early on Monday to end July trading with the biggest monthly gain since January 2022, buoyed by tightening supply, expectations of a record demand, slower inflation in the U.S., and a still resilient American economy.  Brent crude futures rose 74 cents higher to US $85.82 a barrel while U.S. West Texas Intermediate crude climbed 98 cents to US $81.56 a barrel, rising more than $1 earlier in the session.
  • Naira’s divergence experience at the I & E and the streets is becoming significant. At the I&E window, Naira appreciated by 0.29%, closing at N775.76 against the US dollar. On the streets, Naira slid slighty by 1.75%, down to N870 against the US dollar.
  • US natural gas futures fell to a 1-week low to around US $2.6/MMBtu, as investors anticipate homes and businesses would use less gas and the weather would be cooler in the next two weeks.

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